King v Nguyen [2021] NSWDC 495

King v Nguyen [2021] NSWDC 495

The plaintiff proved the loan was sought for and used for business purposes, as shown by admissions, signed statements, and the pattern of funds usage. No evidence established Code purposes or deficiencies warranting application of the National Credit Code. The plaintiff was entitled to recover the claimed sum.

Parties
Plaintiff: Trevor William King; Defendant: Chi Thanh Nguyen
Jurisdiction
Australia
Judgment Date
22 September 2021
Procedural Posture
Civil / Principal Judgment
Outcome
Judgment for the plaintiff
Legal Topics
National Credit Code, Business Purpose Loan, Application of Consumer Credit Legislation
Contracts Banking and Finance National Credit Code Business Purpose Loan Application of Consumer Credit Legislation

Case Brief

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Parties

Trevor William King

Plaintiff

Chi Thanh Nguyen

Defendant

Procedural Posture

Civil / Principal Judgment

Legal Issues

  1. 1 Whether the National Credit Code applies to the loan agreement given the loan was sought for and used for business purposes
  2. 2 Whether the handwritten note formed part of the loan agreement
  3. 3 Whether the plaintiff discharged the onus to prove the loan was for non-Code purposes

Ratio Decidendi

The plaintiff proved the loan was sought for and used for business purposes, as shown by admissions, signed statements, and the pattern of funds usage. No evidence established Code purposes or deficiencies warranting application of the National Credit Code. The plaintiff was entitled to recover the claimed sum.

Court Disposition

Judgment for the plaintiff

Orders

  • Judgment for the plaintiff for $156,711.60.
  • Costs reserved, with liberty to apply.